Tudor Investment Corp ET AL Increases Stock Position in Arlo Technologies, Inc. $ARLO

Key Points

• Tudor Investment Corp ET AL boosted its stake in Arlo by 375.1% in Q3 to 245,288 shares, representing 0.23% of the company and valued at about $4.16 million.
• Arlo topped expectations, reporting $0.22 EPS vs. $0.16 expected and $141.3M in revenue (up 16.2% YoY), and its board authorized a $50M share buyback (~3.1% of shares).
• Insiders have been net sellers, including the CEO and general counsel selling sizable positions on March 12, with insiders offloading 703,549 shares (~$9.43M) over the past three months.

Tudor Investment Corp ET AL grew its stake in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 375.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 245,288 shares of the company's stock after buying an additional 193,662 shares during the period. Tudor Investment Corp ET AL owned 0.23% of Arlo Technologies worth $4,158,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its stake in shares of Arlo Technologies by 86.0% during the 3rd quarter. Smartleaf Asset Management LLC now owns 1,616 shares of the company's stock valued at $28,000 after buying an additional 747 shares during the period. Quarry LP grew its stake in shares of Arlo Technologies by 42.0% during the 3rd quarter. Quarry LP now owns 2,649 shares of the company's stock valued at $45,000 after buying an additional 783 shares during the period. Quadrant Capital Group LLC purchased a new stake in shares of Arlo Technologies during the 3rd quarter valued at $86,000. EverSource Wealth Advisors LLC grew its stake in shares of Arlo Technologies by 1,682.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,616 shares of the company's stock valued at $95,000 after buying an additional 5,301 shares during the period. Finally, Strs Ohio purchased a new stake in shares of Arlo Technologies during the 1st quarter valued at $66,000. 83.18% of the stock is owned by hedge funds and other institutional investors.

Arlo Technologies Trading Down 3.7%

Shares of Arlo Technologies stock opened at $13.09 on Friday. The company has a fifty day moving average price of $13.33 and a 200 day moving average price of $14.65. Arlo Technologies, Inc. has a twelve month low of $8.50 and a twelve month high of $19.94. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of 100.73 and a beta of 1.71.

Arlo Technologies (NYSE:ARLO - Get Free Report) last announced its quarterly earnings results on Friday, February 27th. The company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.16 by $0.06. Arlo Technologies had a net margin of 2.82% and a return on equity of 10.76%. The firm had revenue of $141.30 million during the quarter, compared to analysts' expectations of $135.57 million. During the same period in the prior year, the company earned $0.10 EPS. The firm's revenue was up 16.2% on a year-over-year basis. Analysts forecast that Arlo Technologies, Inc. will post -0.29 earnings per share for the current year.

Arlo Technologies declared that its board has authorized a share repurchase plan on Wednesday, March 4th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Weiss Ratings raised shares of Arlo Technologies from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, March 6th. Zacks Research cut shares of Arlo Technologies from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 6th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $23.33.

Insider Buying and Selling

In related news, General Counsel Brian Busse sold 25,525 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $13.78, for a total transaction of $351,734.50. Following the completion of the sale, the general counsel directly owned 583,364 shares of the company's stock, valued at approximately $8,038,755.92. This represents a 4.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Blake Mcrae sold 153,433 shares of the company's stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $13.78, for a total transaction of $2,114,306.74. Following the sale, the chief executive officer directly owned 1,168,866 shares of the company's stock, valued at approximately $16,106,973.48. This trade represents a 11.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 703,549 shares of company stock valued at $9,426,780. Company insiders own 5.20% of the company's stock.

About Arlo Technologies

Arlo Technologies, Inc NYSE: ARLO is a provider of smart home security products and services designed for residential and small business customers. The company offers a portfolio of wireless and Wi-Fi-enabled security cameras, video doorbells, smart lighting solutions, and associated accessories. Arlo integrates advanced video analytics, motion detection, cloud storage, and two-way audio capabilities to deliver end-to-end security and monitoring solutions accessible through mobile applications and web interfaces.

Founded as a division of Netgear, Inc in 2014 and spun off as an independent public company in 2018, Arlo Technologies has established a presence in North America, Europe, Australia and parts of Asia.

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